Hi everyone! I am new to this forum and am interested in buying a mobile home park. Does anyone have any recent successes you’d like to share with me?
Meagan
There are deals to be had, but a lot depends on the following
-
Are you willing to operate from a distance, because you may not find a property near where you live that makes financial sense.
-
What price range you are shopping in also makes a difference. Lower priced communities get more buyer traffic. I feel the higher priced larger communities are the best deals at this time. They are hard to finance and they get less buyer traffic, which can work out to be better bargaining power for the buyer. Everybody is looking for the $1mil or less community with owner financing near their home town.
I have more input, but I will stop with the above. I look at deals almost everyday. It took me 1 year to find my 1st community and now 3 more years to find my 2nd acquisition. Am I picky and very specific about what I want YES. I will only buy a community that makes $$ from day #1. There is no speculation in my acquisition guidelines. No square pegs in round holes just plain and simple money making well placed properties.
Successful Investing to You
Rick Ewens
What kind of returns are you making on these two parks?
Geez Meagan isn’t that a very personal question? How old are you and what kind of returns have you been making on your investments? How much money do you have to invest?
Mike
Meagan
I sent you a email on my personal address, because your question is very open ended. Your ultimate returns will depend on how good you are at finding, buying and placing value on the property. I dont speculate so my returns are good. I also dont waiste anytime looking at every junk offering that gets listed. There are many fools out there that made mistakes in their acquisitions that are now looking for a greater fool to save them.
Rick